Obama says U.S. economy moving in "right direction"

WASHINGTON, Oct. 31 (Xinhua) -- U.S. President Barack Obama said Saturday the U.S. economic recovery is moving "in the right direction" with a million jobs created or saved thanks to the government's stimulus policies.

U.S. President Barack Obama gestures as he departs after playing basketball at Fort McNair in Washington, October 31, 2009.(Xinhua/Reuters Photo)

"Today, I am pleased to offer some better news that -- while not cause for celebration -- is certainly reason to believe that we are moving in the right direction," the president said in his weekly radio address.

"We can see clearly now that the steps my administration is taking are making a difference, blunting the worst of this recession and helping to bring about its conclusion." Obama said.

The Commerce Department reported this week that the economy grew at a annual rate of 3.5 percent in the third quarter after four consecutive quarters of contraction, signaling the economic recession that began in December 2007 was over.

Separately, the White House released a statement said the government's 787 billion dollars stimulus plan that was launched in February had saved or created more than 1 million jobs.